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Mid-America Real Estate-Wisc. Wins Retail Real Estate “Deal of the Year” Award from CARW

Milwaukee, WI - For the second time in just three years, the Commercial Association of Realtors Wisconsin (CARW) awarded the 2009 “Deal of the Year Award” in the retail category to Milwaukee-based Mid-America Real Estate-Wisconsin for the Shoppes at Fox River project. Mid-America brokers awarded were Vice President Mike Fitzgerald and Principal Dan Rosenfeld.

“Mid-America provided attention and support to Opus North and the City of Waukesha throughout this challenging project,” said John Meyers, Vice President of Retail Development at Opus North Corporation, project developer and owner.

When fully constructed, Shoppes at Fox River will be a 450,000 square foot power center, anchored by Target, Pick n’ Save and multiple other retailers. Mid-America Real Estate’s transaction involvement spanned from the original 54 acre sale from Supervalu Inc. to Opus North Corporation and continued with the 9 acre sale from Opus North Corporation to Target Corporation for the construction of a 127,000 store. A build-to-suit lease was then negotiated with Pick n’ Save for a 60,000 square foot store. The first two anchor deals led to the remaining lease or sale of roughly 85,000 square feet of retailers and restaurants. An additional 18 acres are still available for future development within the project, with a target completion date of 2011.

The project required the rezoning of the 54 acre property, creation of a $5.5 million dollar TIF district, demolition of a vacant 561,000 Supervalu distribution facility, environmental remediation, significant road improvements on Sunset Drive, strong architectural detail, public approval, and the creation of a PUD overlay district to allow for a development of this size and scope. “Once finalized, the Shoppes at Fox River will increase the Waukesha tax base by nearly $50 million dollars. The previous distribution facility carried an assessment of $13 million while the new power center will carry an estimated value of $62 million,” said Fitzgerald.

Shoppes at Fox River will be the largest retail shopping center in Waukesha County outside of Brookfield Square, and will provide a shopping and dining destination for residents of Waukesha as they will no longer need to travel to Brookfield or Delafield. Additional retailers joining Target and Pick n’ Save include Chili’s, CVS Pharmacy, Buffalo Wild Wings, Petco, Maurice’s, Famous Footwear, Dollar Tree, Verizon, Noodles, Game Stop, Subway and GNC.

The CARW Deal of the Year Awards committee reviews submitted deals that were transacted between August 1, 2008 and July 31, 2009, and the awards are not dependent on transaction size. This year’s awards were presented on October 15, 2009 at the CARW Annual Awards and Installation Dinner at the Milwaukee Athletic Club in Milwaukee. One winner was awarded in each category: Office, Industrial, Retail, Investment, and Multi-Family. Mid-America took home the Retail award.
Mid-America Real Estate -Wisconsin LLC is a member of the Oakbrook Terrace, Illinois-based

Mid-America Real Estate Group and a ChainLinks affiliate. Mid-America is the Midwest's leading full-service retail real estate organization, specializing in tenant representation, asset management, investment sales and development advisory service. For additional information, call Mid America Real Estate-Wisconsin at (414) 273-4600.

ChainLinks Media Contact:
Marie Robinson - 800.394.3701 ext. 8970